There is hereby established a gross receipts investment program within the city intended
to attract new businesses, including retail, or commercial activities or to encourage
the expansion of an existing business, including retail, or commercial activity whose
gross receipts are subject to the imposition of gross receipts tax, thereby creating
new job opportunities for the citizens of the city while promoting the economic growth
and welfare of the city, and to improve the city through new construction or the rehabilitation
of existing commercial or industrial property, thereby encouraging the revitalization
of the city while enhancing the area by increasing land values and providing an overall
aesthetic improvement. To accomplish this purpose, the city, by written agreement,
may reimburse certain gross receipts taxes directly attributable to construction activities
associated with the construction or expansion of a business or commercial activity
and the purchase of tangible personal property that will become an ingredient or component
part of such a construction project, where the reimbursement thereof is instrumental
in bringing the business or commercial activity to the city or retaining its presence
within the city.
(Ord. No. 1379, § 2, 10-12-10)
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